Group 1 - The core viewpoint of the article is that Linglong Tire will disclose the overall operating conditions of its Serbia operations in the upcoming 2025 annual report [2] Group 2 - Linglong Tire responded to investor inquiries on an interactive platform regarding its operations in Serbia [2] - The company has indicated that detailed information will be provided in the 2025 annual report [2]

Group 1 - The company, Linglong Tire, stated that it strictly follows accounting standards to prudently assess the year-end value of its assets and makes provisions for asset impairment based on its business operations [2]

证券日报网讯1月14日，玲珑轮胎（601966）在互动平台回答投资者提问时表示，公司在开展外汇套期 保值业务时会遵循合法、审慎、安全、有效的操作原则，以对冲汇率波动风险而非投机为目的，确保业 务与真实生产经营需求相匹配，力争更好实现企业风险管理的有效性。 ...

Core Viewpoint - Linglong Tire (601966) is focusing on enhancing efficiency and effectiveness across all operational aspects, including R&D, manufacturing, marketing, procurement, and service, while aiming to improve asset return rates [1] Group 1: Operational Strategy - The company is benchmarking against leading peers to elevate its operational performance [1] - It is committed to optimizing its global strategy and asset allocation based on business conditions, external environments, and policy changes [1] Group 2: Financial Management - Linglong Tire is utilizing various financial tools and refined management practices to continuously optimize its debt structure and reduce financial costs [1] - The company aims to enhance capital utilization efficiency through these financial strategies [1] Group 3: Profitability Focus - Multiple measures are being implemented to promote overall profitability improvement [1] - The company is dedicated to delivering stable operations and sustained good performance to reward investors [1]

Core Viewpoint - The article discusses the strategic advantages of Serbia as a key location for Chinese automotive companies to expand into the European market, highlighting the benefits of local production to circumvent trade barriers and optimize logistics [5][9][70]. Group 1: Investment Opportunities - In recent years, Chinese tire companies have been establishing factories overseas, with notable investments in Serbia, which has become a strategic hub for the automotive industry [9][12]. - Linglong Tire's Serbian factory, with a total investment exceeding $1 billion, aims to produce 12 million passenger car tires annually, positioning it as a core hub for the European market [11][12]. - The investment from Minth Group in Serbia focuses on creating a localized supply chain for battery and body structure components, enhancing the operational efficiency of Chinese manufacturers in Europe [14][16]. Group 2: Economic Environment - Serbia's GDP growth has been stable at around 4%, with a significant reduction in unemployment rates, making it an attractive destination for foreign investment [47]. - The country has a favorable corporate tax rate of 15% and offers incentives such as tax exemptions for qualifying manufacturing and service enterprises, enhancing its appeal to investors [49]. - Despite a decline in overall foreign direct investment (FDI) in Serbia, investments from the Chinese automotive sector have surged from €830 million to €2.7 billion, indicating a shift in investment dynamics [43][44]. Group 3: Strategic Location and Infrastructure - Serbia's geographical position at the crossroads of Eastern and Western Europe provides a strategic advantage for logistics, supported by the ongoing development of the Hungary-Serbia railway, which significantly reduces transportation times [27][29]. - The country has established a comprehensive transportation network, including air and rail, facilitating efficient trade routes to major markets [25][30]. - The "Open Balkans" initiative allows for the free movement of labor and goods among member countries, addressing labor shortages and enhancing regional cooperation [57]. Group 4: Political Stability and Trade Agreements - Serbian President Aleksandar Vučić has maintained a flexible political stance, attracting foreign investment by fostering a stable economic environment and avoiding geopolitical alignments [31][33]. - Serbia's status as an EU candidate country with a network of free trade agreements provides Chinese companies with preferential access to European markets, allowing for tariff-free exports of automotive parts [35][37]. - The recent China-Serbia Free Trade Agreement aims to eliminate tariffs on 90% of trade items, further enhancing the competitiveness of Chinese automotive products in Europe [39][44]. Group 5: Labor Market and Cost Advantages - Serbia offers a competitive labor market with lower wage levels compared to neighboring countries, making it an attractive location for labor-intensive industries [52][53]. - The average monthly salary in Serbia is approximately €1,156, which remains significantly lower than in EU countries, providing cost advantages for manufacturing operations [52][53]. - The local government supports foreign enterprises by simplifying work visa processes, allowing for easier recruitment of skilled labor from neighboring regions [55][58].

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Viewpoints - The EU's anti-dumping measures against Chinese semi-steel tires are expected to be implemented by mid-2026, potentially leading to a demand shift of approximately 8.7 million units overseas. Current Chinese tire manufacturers have an overseas semi-steel tire capacity of only 17.6 million units per year, which is insufficient to meet the combined demand of approximately 25.1 million units from Europe and the US [3][10][76] - The semi-steel tire segment is characterized by strong consumer attributes, making it the most profitable category in the tire industry. The global demand for semi-steel tires is around 1.6 billion units annually, with an average price of $71 per tire, resulting in a market size of $114 billion [6][25] - Chinese semi-steel tire production capacity is projected to reach 82 million units per year by 2024, with an annual output of approximately 64 million units, accounting for about 40% of global supply. Exports constitute about 52% of China's semi-steel tire production [7][41] Summary by Sections EU Anti-Dumping Measures - The EU has initiated anti-dumping and countervailing investigations against Chinese semi-steel tires, with a final decision expected by June 2026. In 2024, the EU is projected to consume approximately 400 million semi-steel tires, with 90 million units imported from China, representing 60% of non-EU imports [8][59][60] Overseas Expansion of Chinese Tire Companies - Chinese tire manufacturers are increasingly establishing overseas production capacities, with approximately 22.2 million units per year already operational and an additional 28.7 million units planned. The EU's anti-dumping measures are expected to create a capacity gap that will take time to fill [9][68] - The US imports about 164 million semi-steel tires annually, with significant competition expected between the EU and the US for semi-steel tire capacity. The demand from the EU for 8.7 million units per year is likely to shift from China to overseas production [9][71] Investment Recommendations - The report suggests focusing on opportunities arising from both volume and price increases. Companies with greater marginal increases in overseas capacity and a higher proportion of total capacity in overseas production are expected to benefit more. Recommended companies include Senqilin, Sailun Tire, Zhongce Rubber, and Linglong Tire [10][76]

截至目前，上合示范区已常态化开行22条国际班列线路，通达上合组织和共建"一带一路"23个国 家、54个城市，构建起东联日韩、西接欧亚、北达蒙俄、南至东盟的国际物流通道，累计到发中欧班列 超5400列，常态化开行家电、轮胎、商品车、粮食等特色专列，并为海尔、海信、玲珑、奇瑞等企业开 行定制化供应链专列，服务外贸企业超7000家。 为支持上合示范区中欧班列高质量发展，青岛海关推出十二条措施，创新"上合快通"模式，推动码 头功能向上合国际枢纽港延伸，实现"班列+港口"联动，进一步缩减货物通关时间，助力企业降本增 效。 为构建高效跨境物流贸易体系，上合示范区不断拓展境内外物流节点布局，助力山东高速集团在中 亚、中东欧、俄罗斯、东南亚设立海外集结中心，深化重点区域合作。其中，俄罗斯莫斯科集结中心 2025年启用以来，已联动叶卡捷琳堡、新西伯利亚州、远东地区以及白俄罗斯中白工业园等区域，建立 了出口配件至海尔俄罗斯工厂、返程搭载鞑靼石油焦的循环班列线路，为企业进一步压缩海外物流仓储 成本。 上合示范区党工委委员、管委会副主任付忠华表示，将持续深化国际物流大通道建设，通过开通精 品线路、提升多元化服务能力，不断提升中欧班列 ...

Core Insights - The chemical industry is expected to experience a recovery in profitability in 2026, marking a new starting point for supply-demand rebalancing, driven by anti-involution policies and advancements in new productive forces such as AI and robotics [2][5]. Group 1: Industry Overview - The chemical industry faced a downturn in profitability and valuation in 2025, but signs of stabilization and recovery are anticipated in 2026 [2]. - The peak of capital expenditure in the chemical sector has passed, with fixed asset investment turning negative in the second half of 2025, indicating the end of the capacity expansion cycle [5][14]. - The Producer Price Index (PPI) for chemicals is expected to gradually turn positive in 2026 after a prolonged period of decline [14]. Group 2: Investment Themes - Capital expenditure is decreasing, and leading companies like Wanhua Chemical are expected to see a recovery in profitability as they reduce capital spending and increase their global market share in MDI [5]. - The anti-involution policy is reshaping supply dynamics, with a focus on quality development and the exit of outdated capacities, benefiting companies with innovative capabilities and export advantages [5]. - New materials are driving demand growth in traditional chemicals, with companies like Dinglong Technology and Anji Technology positioned to benefit from domestic substitution in high-end materials [5]. Group 3: Market Dynamics - Chemical prices have been under pressure, with the chemical product price index declining approximately 8.8% in 2025, but stock prices in the sector have rebounded by 33.3% [10][16]. - The operating rates of mainstream chemical products are showing signs of weakness, with inventory levels varying significantly across different products [17][18]. - The supply-demand balance for phosphate rock remains tight, with stable prices for high-grade phosphate rock, while the market for phosphate fertilizers is influenced by policy and demand fluctuations [46][43]. Group 4: Global Trends - The global chemical supply is shifting towards China, which has become the largest chemical producer, while European chemical production faces challenges due to high energy costs [31][33]. - The restructuring of supply chains due to tariff disturbances is prompting companies to adapt, with a focus on overseas expansion for leading chemical firms [26][22]. - The anti-involution policies are expected to enhance industry cash flow and promote sustainable development by curbing disorderly expansion and prioritizing profitability [40].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to experience an upward cycle due to the implementation of "anti-involution" policies in China and the accelerated exit of some European facilities [29] - The report highlights the potential for domestic substitution of semiconductor materials from Japan due to rising geopolitical tensions, which could benefit various companies in the sector [5] - The chromium salt industry is undergoing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [8] Summary by Sections Industry Performance - The chemical industry has shown strong relative performance with a 1-month increase of 10.7%, 3-month increase of 9.6%, and a 12-month increase of 45.1%, outperforming the CSI 300 index [3] Price Trends - Key products such as lithium carbonate and polysilicon have seen significant price increases, supported by policy guidance and industry self-discipline [12] - The price of chromium salts has remained stable, with metal chromium priced at 82,000 CNY/ton as of January 9, 2026 [15] Investment Opportunities - Focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Hualu Hengsheng, as well as those in sectors with improving market conditions like chromium salts and phosphates [6][9] - High dividend yield opportunities are identified in state-owned enterprises like China Petroleum and China National Chemical [10] Key Company Tracking - Companies such as Dongfang Shenghong and Huabei Yihua are highlighted for their earnings potential, with projected EPS growth for 2026 [30] - The report tracks specific price movements for various chemicals, including a notable increase in the price of ammonium phosphate and a stable price for urea [17][19]

Core Viewpoint - Linglong Tire (601966) is focusing on enhancing efficiency and effectiveness across all operational aspects, including R&D, manufacturing, marketing, procurement, and services, to improve profitability [1] Group 1: Operational Efficiency - The company is benchmarking against leading peers to elevate its operational performance [1] - Efforts are being made to balance global production locations and business operations to enhance market competitiveness and risk resilience [1] Group 2: Value Management - Linglong Tire is committed to improving its market value management through governance, information disclosure, investor relations management, ESG system development, and stable dividend policies [1] - The company aims to reward investors with long-term, sustainable performance [1]